Ethereum's incoming switch to Proof-of-Stake driving down GPU prices
GPUs are rendered to become obsolete once Ethereum fully transitions to Proof-of-Stake
By Shashank Bhardwaj
The golden days of Graphics Processing Units (GPU) being deployed in crypo mining appear to be coming to an end as the Ethereum network prepares to transition from proof-of-work (PoW) to proof-of-stake, slashing GPU prices.
GPUs are specialised processors widely used for crypto mining and are meant to accelerate graphics rendering. From its very inception, The Ethereum network has relied on the Proof-of-Work (PoW) consensus mechanism. In PoW systems, the verification of transactions and the addition of new blocks is done by utilising large amounts of computational power.
Ethereum's imminent shift to a proof-of-stake (PoS) system, also called the Merge, will render the GPU obsolete, as users will be able to validate transactions and produce new blocks by staking or locking up Ether. PoS also has a number of advantages over PoW, such as higher energy efficiency, lower entrance barriers, fewer hardware requirements, stronger anti-centralization immunity, and better support for shard chains.
As per data from Tom's Hardware, the asking price for popular GPU models on eBay has dropped by 37% since May 2021. The price decline has intensified this year, starting at 7.4% in January, 9.5% in February, and 12% in March. According to 3D Center Germany's Easter weekend roundup, AMD GPU prices dropped by 13% on average, while Nvidia GPU prices fell by 6%.
GPU miners "are not really investing in new equipment at the moment, since prices have been high for a while," according to Joe Downie, chief marketing officer at hash power broker NiceHash. Instead, "most of them are likely waiting for when Ethereum moves to PoS, to buy up the secondhand GPUs".
“It's widely accepted as a poor investment right now since the ROI (return on investment) is much longer," he added.
The price of Ethereum in recent times has been relatively low, while mining complexity has increased, adding to the negative pressure. The conflict in Ukraine has pushed down cryptocurrency values even further, making mining less economical. Add to this the slowing consumer demand in China and Europe over the past month. All of these factors are pushing GPU prices even lower.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..